MITH Cash Development Fund Snapshot Vote

Dear MITH Cash community, it's day 2 of seigniorage and things have progressed very smoothly, and grown beyond our wildest imagination. From achieving 1.4 billion TVL in under 24 hours, to attaining #1 and #2 trading volume spots on Sushiswap. The keys to a successful stablecoin, are (1) Real world utilization (2) lending / borrowing collateral asset development (3) Mass adoption. Which is why, the key focus of the team now is to push for adoption, both onchain / offchain (in real life).

We have successfully achieved adoption with QCP Trading, the pre-eminent trading house in Asia to manage on / off ramp efforts for MIC. We are also working through the Cream Finance governance proposal process to add MIC as a collateral asset. These are just 2 of many initiatives that are currently in the works, including discussions with multiple exchanges for wider adoption of MIC. These all drive MITH Cash's push towards being the Lord of the Stables - One Stable to Rule Them All.

This has also of course stretched the team to the maximum. The team has been on a full volunteer basis, working off donations so far, with community members from Dune setting up dashboards for on volunteer basis. For the project to continue to sustainably create value for the community, we would like to propose a MITHCash Development Fund (MDF) which will be used towards developing the ecosystem, mostly around engineering resources, community management etc.

Similar projects have set up threshold at 2% or more, of seigniorage, to be invested into their community funds. We believe that 2% is too excessive and given we intend to continue to be strict on how we invest our resources (time / monetary), we believe 1% of future seigniorage should be sufficient and fair.

We are in the process of setting up the snapshot system, which will allow all MIS holders to vote on this matter. Once the snapshot is put up, we will put this MDF proposal up to a 12 hours vote. If the vote goes through, the development team will prepare / merge the code, which is subject to a 2 day time lock for community review and awareness.

For: Send 1% of each seigniorage to MITH Cash Development Fund

Against: Do nothing